The digital twin market is anticipated to witness a CAGR of 35.01% over the forecast period 2021 - 2026.
The outbreak of covid-19 has provided a new application opportunity for the market, which stands for the market growth adoption. The digital twin technology is gathering momentum in health care diagnosis. Digital twins are upending traditional health care by modeling conditions and attributes of a particular patient using machine learning data aggregated from a variety of patients.
- Growth in IoT and cloud-based platforms, surge in adoption of 3D printing technology in the manufacturing industry and objective to reduce project cost are some of the major factors driving the growth for the digital twin market. IoT sensors have created a potential space for engineers to test and communicate with sensors integrated with the operating products, hence delivering real-time prescriptive of system functioning and timely maintenance.
- Additionally, digital twins technology helps in improving physical product design for the entire product lifecycle through pre-analysis of the actual product in its development stage. In industrial internet of things (IIoT), digital twin technology find out error and changes of large machinery equipment through its analytic software connected with IoT components such as smart sensors and networks.
- Further, the tools for building digital twins are growing in power and sophistication. It is now possible to design complex what-if simulations, backtrack from detected real-world conditions, and perform millions of simulation processes without overwhelming systems. Further, with the number of vendors increasing, the range of options continues to grow and expand. Moreover, data from real-time asset monitoring technologies such as LIDAR (light detection and ranging) and FLIR (forward-looking infrared) can now be incorporated into digital twin simulations.
- However, delays in crude oil deliveries due to Covid-19 impacted the carefully crafted schedules of refineries. When an oil tanker is not able to make an on-time delivery due to a harbor's decision to reduce the number of workers or docks available to offload goods-a situation that is currently happening at the twin Los Angeles/Long Beach harbor, then downstream customers are inevitably impacted. Refineries are extremely complex, and this is where digital twins can be so valuable.
Key Market Trends
Surge in Adoption of 3D Printing Technology in Manufacturing Anticipated to Fuel the Demand
- 3D printing technology has already brought revolutionary changes in the manufacturing industry through its fast model building capability and flexible printing materials. With the introduction of digital twin technology, the advantage of 3D printing has gone even more ahead in various manufacturing industries such as automotive, aerospace, medical and utility industries.
- Vendors in the market, are involved in partnerships and collaborations to integrate their 3D printing capability with digital twin technology, where they are targeting to lower the production and manufacturing cost through pre-testing and predictive analysis of goods.
- Using software, such as Netfabb and Siemens NX, manufacturers can carry out simulations and tests on the digital twin and eliminate the need for multiple physical prototypes. Using sensor data, manufacturers can track and trace the conditions inside the 3D printer making a part. With every new layer and source of data, the digital twin becomes more complete
- Several developed and developing nations are focused on leveraging their 3D printing adoption with the implementation of digital twin technology. The US, China, Japan, China, Germany, and the UK are some of the major countries adopting this technology with their existing base of the 3D printing industry.
North America to Witness Significant Market Share
- The IoT industry in aerospace, automotive and manufacturing is mainly dominated by North America. This region has developed economies such as the US and Canada, where massive investments are found in R&D activities, thus contributing to the development of new technologies such as smart sensors, edge analytics, 3D printing, and digital twin.
- While manufacturing has begun to embrace digital twin technology, construction remains largely a 2D industry and one that hungers for technological innovation. With 3D visual digital twin technology, off-site experts now have access to on-site views into the nitty-gritty of projects-taking off where Google street view ends.
- Recently, in June 2021, Cupix announced the availability of CupixWorks 2.0, a major update to its leading product, CupixWorks. CupixWorks 2.0 is the industry's most advanced 3D digital twin platform, enabling building owners, general contractors, and project managers to build smarter, transforming any construction site into an easy-to-manage project, creating value across the entire life cycle of a property.
- Further, it has been expected that increased demand for digital twins by owners and operators of buildings and infrastructure will create new market opportunities for digital technologies and digitization of the AEC industry. Autodesk has been on a tear, expanding its support for digital twins across the building industry. For starters, Autodesk launched Tandem, a digital twin platform that promises to connect the dots between project owners and architectural, engineering, and contracting (AEC) teams.
As many regional as well global players are dominating the market with their technological expertise in digital twin solution, the global market for digital twin is expected to be fragmented in nature. ANSYS, Inc., Cal-Tek Srl, Cityzenith, General Electric Company, IBM Corporation, Lanner Group Limited, Mevea Ltd., Microsoft Corporation, Rescale, Inc., and SAP SE are some of the major players present in the current market. However, all these players are involved in competitive strategic developments such as partnerships, new product innovation and market expansion to gain leadership positions in the global market.
- June 2021 - FARO Technologies, Inc. announced the acquisition of HoloBuilder. HoloBuilder's SaaS platform will add fast and easy reality-capture photo documentation and added remote access capability to FARO's highly accurate 3D point cloud-based laser scanning to create the industry's first end-to-end Digital Twin solution.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support